Complete CORT Stock Valuation Analysis
Comprehensive intrinsic value analysis using 6 different methodologies
CORT DCF Analysis
CORT (Corcept Therapeutics Incorporated) discounted cash flow analysis with multiple scenarios, growth assumptions, and terminal value calculations
Financial Projections
| Metrics | 2022 (Historical) | 2023 (Historical) | 2024 (Historical) | 2025 (Projected) | 2026 (Projected) | 2027 (Projected) | 2028 (Projected) | 2029 (Projected) |
|---|---|---|---|---|---|---|---|---|
| Revenue | $401.9M | $482.4M | $675.0M | $839.0M | $1.0B | $1.2B | $1.4B | $1.7B |
| Revenue Growth % | - | 20.0% | 39.9% | 24.3% | 21.9% | 19.7% | 17.7% | 15.9% |
| EBIT | $112.6M | $107.3M | $137.0M | $197.3M | $241.5M | $290.2M | $343.1M | $399.4M |
| EBIT Margin % | 28.0% | 22.2% | 20.3% | 23.5% | 23.6% | 23.7% | 23.8% | 23.9% |
| Tax Rate % | 12.7% | 14.8% | 12.6% | 13.9% | 15.0% | 16.1% | 17.2% | 18.3% |
| NOPAT | $98.3M | $91.4M | $119.7M | $169.9M | $205.2M | $243.4M | $283.9M | $326.1M |
| NOPAT Margin % | 24.5% | 19.0% | 17.7% | 20.2% | 20.1% | 19.9% | 19.7% | 19.5% |
| Capex | $413.0K | $139.0K | $2.2M | $8.4M | $10.2M | $12.2M | $14.4M | $16.7M |
| Capex / Revenue % | 0.1% | 0.0% | 0.3% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% |
| Depreciation | $3.0M | $2.4M | $1.3M | $4.0M | $4.9M | $5.8M | $6.8M | $7.9M |
| D&A / Revenue % | 0.7% | 0.5% | 0.2% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% |
| Change in NWC | $42.6M | $-63.0M | $-23.3M | $-14.5M | $-14.1M | $-13.5M | $-12.7M | $-11.8M |
| NWC Change / Revenue % | 10.6% | -13.1% | -3.5% | -1.7% | -1.4% | -1.1% | -0.9% | -0.7% |
| Unlevered FCF | $58.2M | $156.6M | $142.2M | $180.0M | $214.0M | $250.5M | $289.1M | $329.2M |
| UFCF % Chg. | - | 169.0% | -9.2% | 26.6% | 18.9% | 17.1% | 15.4% | 13.9% |
| FCF / Revenue % | 14.5% | 32.5% | 21.1% | 21.5% | 20.9% | 20.5% | 20.1% | 19.7% |
| Discount Factor | - | - | - | 0.951 | 0.904 | 0.860 | 0.818 | 0.778 |
| Present Value of FCF | - | - | - | $171.1M | $193.5M | $215.4M | $236.4M | $256.0M |
| Sum of PV of UFCF | - | - | - | $171.1M | $364.7M | $580.1M | $816.5M | $1.1B |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 5.9% |
| Tax Rate | 13.9% |
| After Tax Cost of Debt | 5.1% |
| Risk Free Rate | 4.37% |
| Market Risk Premium | 4.3% |
| Beta | 0.18 |
| Cost of Equity | 5.2% |
| Total Debt | $6.9M |
| Market Cap | $7.3B |
| Total Capital | $7.3B |
| Debt Weighting | 0.1% |
| Equity Weighting | 99.9% |
| WACC | 5.2% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $329.2M |
| Terminal Value | $12.7B |
| PV of Terminal Value | $9.9B |
| Cumulative PV of UFCF | $1.1B |
| Net Debt | $-120.7M |
| Equity Value | $11.1B |
| Shares Outstanding | 113.5M |
| Implied Share Price | $98 |
| Current Share Price | $69 |
| Implied Upside/(Downside) | +41.2% |
Valuation Summary
$97.51
Implied Price
$69.05
Current Price
+41.2%
Upside/Downside
5.2%
WACC
CORT Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Peer Valuation Analysis
Fair Value Range Analysis
Based on median multiples from 9 peer companies in Healthcare
P/E Ratio
$33.27
-51.8%
Peer Median: 30.0x
EV/EBITDA
$14.88
-78.5%
Peer Median: 14.2x
P/S Ratio
$52.26
-24.3%
Peer Median: 8.1x
Interpretation: Each multiple provides a different perspective on fair value. Consider which multiple is most relevant for CORT's business model and current situation.
Multiple Comparison
| Multiple | CORT Current | Peer Median | Peer Average | Premium/Discount | Assessment |
|---|---|---|---|---|---|
| P/E Ratio | 62.3x | 30.0x | 34.9x | 107.6% | Overvalued |
| EV/EBITDA | 64.7x | 14.2x | 18.4x | 356.4% | Overvalued |
| P/S Ratio | 10.7x | 8.1x | 6.8x | 32.1% | Overvalued |
Peer Companies
Click any company to view their valuation
| Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
|---|---|---|---|---|
| $75.08B | 30.0x | 20.0x | 8.1x | |
| $18.90B | 17.8x | 11.0x | 8.3x | |
| $9.94B | 0.0x | 14.2x | 0.7x | |
| $7.32B | 62.3x | 64.7x | 10.7x | |
| $6.64B | 17.9x | 16.8x | 1.5x | |
| $5.46B | 0.0x | 0.0x | 12.6x | |
| $4.18B | 19.7x | 11.7x | 3.7x | |
| $3.32B | 0.0x | 10.3x | 1.2x | |
| $722.17B | 61.8x | 45.1x | 14.7x |
CORT Graham Number
Benjamin Graham's conservative valuation formula for defensive investors
Input Data
| EPS (TTM) | $1.11 | Latest 10-K |
| Book Value per Share | $5.99 | Latest 10-K Balance Sheet |
| Graham Constant | 22.5 | Benjamin Graham's formula |
Graham Number Result
$12.22
Intrinsic Value
$69.05
Current Price
-82.3%
Upside/Downside
Confidence: High
Conservative value investing approach
Calculation Breakdown
Formula:
√(22.5 × EPS × BVPS)
Step 1: Multiply constant by EPS
22.5 × 1.11 = 24.95
Step 2: Multiply by Book Value per Share
24.95 × 5.99 = 149.40
Step 3: Take square root
√149.40 = 12.22
Graham Number Result:
$12.22
CORT Graham Intrinsic Value
Growth-adjusted intrinsic value with two formula variants
Formula Selection
V = EPS × (8.5 + 2g)
Graham's original P/E shortcut for growth, no interest-rate adjustment
V = [EPS × (8.5 + 2g) × 4.4] / Y
Graham's 1974 refinement: adds rate-environment sensitivity
Active Formula: Base-Growth
1.11 × (8.5 + 2 × 11.6%)
Input Data & Growth Assumptions
Current EPS (TTM)$1.11
Latest 10-K • 2024-12-31T00:00:00
Historical 3Y11.6%
Financial statements
Historical 5Y10.5%
Financial statements
Custom
%
Enter a positive growth rate estimate (0-50%)
Graham Intrinsic Value Result
$35.26
Intrinsic Value
$69.05
Current Price
-48.9%
Upside/Downside
Base Formula
Growth: 11.6%
CORT Peter Lynch Fair Value
Growth-based valuation using PEG ratio analysis for growth stocks
Fair Value Calculation
EPS (TTM)$1.11
Latest 10-K • 2024-12-31T00:00:00
Historical 3Y11.6%
3-year earnings growth
Historical 5Y10.5%
5-year earnings growth
11.6%
1%50%
Fair Value Formula: EPS × Growth Rate
$1.11 × 11.6% = $12.92
$12.92
Fair Value
$69.05
Current Price
-81.3%
Upside/Downside
PEG Analysis
62.3x
Current P/E
11.6%
Growth Rate
5.35
PEG Ratio (P/E ÷ Growth Rate)
Significantly Overvalued
PEG Ratio Interpretation:
• PEG < 1.0: Undervalued (growth exceeds P/E)
• PEG = 1.0: Fairly valued (ideal Lynch ratio)
• PEG > 1.5: Overvalued (paying premium for growth)
Peter Lynch's Rule:
"The P/E ratio of any company that's fairly priced will equal its growth rate." A stock with 15% growth should trade at a P/E of 15 (PEG = 1.0).
CORT Earnings Power Value (EPV)
Normalized earnings-based valuation for sustainable earning power assessment
Earnings Normalization
| Earnings Component | Amount ($B) | Description |
|---|---|---|
| Reported Earnings | 0.1 | Base earnings from financial statements |
| Normalized Earnings | 0.1 | Final normalized earning power |
One-time Items: Remove non-recurring gains/losses
Cyclical Adjustment: Normalize for economic cycle position
EPV Result
$13.49
EPV per Share
$69.05
Current Price
-80.5%
Upside/Downside
9.1%
WACC: 9.1% (calculated from market data)
Confidence: High
Normalized earnings approach
EPV Calculation Breakdown
Enterprise Value Calculation
| Normalized Earnings | $0.1B |
| Cost of Capital | 9.1% |
| Enterprise Value | $1.5B |
Per Share Value
| Enterprise Value | $1.5B |
| Shares Outstanding | 0.1B |
| EPV per Share | $13.49 |
WACC Components
| Cost of Equity | 9.1% |
| After-Tax Cost of Debt | 3.5% |
| Equity Weight | 99.9% |
| Debt Weight | 0.1% |
| WACC | 9.1% |